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GOOGL Elliott Wave Forecast For April 15, 2024
Alphabet Inc. (GOOGL), the parent company of Google, has been displaying some impressive price action recently, particularly breaking through significant resistance levels and showing potential for strong upward momentum.
In the near term, GOOGL has successfully breached its all-time resistance at 150. This breakout is a significant development, setting the stage for what appears to be a long-term 3rd wave rally according to Elliott Wave Theory. The 3rd wave is often the most powerful and extended wave in a five-wave pattern, suggesting the potential for substantial price appreciation ahead for GOOGL.
Short-term price action for GOOGL has been relatively robust, with the stock holding up well following its breakout above the 150 resistance level. For traders and investors monitoring this stock, a decisive close above the 160 mark would further confirm the continuation of the 3rd wave. Such a close could act as a catalyst, propelling GOOGL towards its next target levels.
Looking ahead, my long-term projection for GOOGL is set at the 300-320 range. This target is derived from the Elliott Wave principles, specifically the 1.618 Fibonacci extension of the first wave. The 1.618 extension is a common target for the 3rd wave in Elliott Wave Theory, often marking the point where the wave reaches 1.618 times the length of the 1st wave.
In summary, GOOGL appears to be in a strong bullish phase, with the recent breakout above the all-time resistance at 150 signaling the onset of a potential long-term 3rd wave rally. A close above 160 would further validate this bullish scenario, setting the stage for a move towards the 300-320 target range. As always, traders should combine technical analysis with effective risk management strategies to navigate the markets successfully.
